[U.S. mortgage rates have risen for seven consecutive weeks, exacerbating the housing affordability crisis] On October 9, U.S. mortgage rates rose for seven consecutive weeks for the first time in three years, putting greater pressure on the already weak real estate market. Freddie Mac said in a statement Thursday that the average interest rate on a 30-year fixed-rate mortgage rose to 7.4% from 7.28% a week ago. The interest rate is currently the highest since November 2023. A year ago it was 6.3%. Mortgage rates are back above 7%, exacerbating the U.S. housing affordability crisis. With the midterm elections less than four weeks away, the issue is increasingly taking center stage. Prospective homebuyers across the country are being squeezed by both high borrowing costs and home prices that remain near record highs. "U.S. housing affordability remains near its worst levels since the global financial crisis, with the market effectively frozen," JPMorgan analysts wrote in a research note to clients on Wednesday. "Insurance and property taxes are also emerging as another housing affordability shock, layered on top of high home prices and elevated mortgage rates."